Sector: Energy | Industry: Oil & Gas Drilling |
Company Contact | |
Address: | 6030 - 3RD STREET S.E. CALGARY AB T2H 1K2 |
Tel: | N/A |
Website: | https://www.cathedralenergyservices.com |
IR: | See website |
Key People | ||
Thomas Joseph Connors President, Chief Executive Officer, Director | Peter Scott Macfarlane Interim Chief Financial Officer | W. Lee Harns President, Altitude Energy Partners (US Operations) |
Fawzi Irani President, Discovery Downhole Services (US Operations) | Randal H. Pustanyk Executive Vice President | Vaugn Spengler Senior Vice President of Canadian Operations |
Business Overview |
Cathedral Energy Services Ltd. is a Canada-based company, which operates in the United States (U.S.) under Discovery Downhole Services, a division of Cathedral Energy Services Inc., Altitude Energy Partners, LLC and Rime Downhole Technologies, LLC. The Company is involved and engaged in the business of providing directional drilling services to oil and natural gas companies in Western Canada and the U.S. Its services include directional drilling, drilling optimization, well planning and automated gamma services (AGS) and remote drilling. Its products include nDURANCE MOTORS, Measurement While Drilling (MWD), FUSION and RapidFire. Its MWD sensors collect data used to determine basic trajectory parameters, such as inclination, direction, and tool-face orientation. Its FUSION family OF MWD tools include FUSION Dual Telemetry (DT), FUSION WPR (Wave Propagation Resistivity), FUSION Gamma Ray (GR) and The Hawk. Its RapidFire family of MWD tools include RapidFire Pulse and RapidFire DT. |
Financial Overview |
For the three months ended 31 March 2024, Cathedral Energy Services Ltd revenues increased 24% to C$165M. Net income increased from C$794K to C$11.6M. Revenues reflect United States segment increase of 25% to C$106.6M, Canada segment increase of 22% to C$58.4M. Net income benefited from Foreign exchange gain (loss) increase from C$41K (expense) to C$2M (income), Finance costs - lease liabilities decrease of 4% to C$205K (expense). |
Employees: | 320 as of Dec 31, 2023 |
Reporting Currency: | Canadian Dollars |
Enterprise value: | $338.13M as of Mar 31, 2024 |
Annual revenue (TTM): | $571.02M as of Mar 31, 2024 |
EBITDA (TTM): | $83.31M as of Mar 31, 2024 |
Net annual income (TTM): | $21.42M as of Mar 31, 2024 |
Free cash flow (TTM): | -$19.23M as of Mar 31, 2024 |
Net Debt Last Fiscal Year: | $115.82M as of Mar 31, 2024 |
Shares outstanding: | 240,337,389 as of May 8, 2024 |
TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization |